Fashion brand Sportsgirl is coming to Cronulla mall.
Sutherland Shire Council has approved a three-year lease for a shop it owns at the entrance to Cronulla Central, where the library is located.
The shop was previously occupied by a fashion boutique, which moved out in August last year.
Sportsgirl did not respond to questions from the Leader about an opening date and whether it would retain its store in Westfield Miranda.
A council report said the lease secured a “blue chip tenant paying market rent”.
The shop is one of three the council owns in Cronulla Central.
Several local real estate agents were engaged to seek a suitable tenant.
“Council received a number of inquiries from potential tenants seeking short term, three-month leases for pop-up type shops,” the council report said.
“However, none of these were considered suitable.
“Council recently exhibited its masterplan for Cronulla mall showing an expanded library located in place of this shop and its two adjoining shops at 17-19 Cronulla Street.
“During the leasing process potential tenants raised some concern with this and indicated reluctance to carry out costly shop fit out without long term lease certainty.”
The report said the lease with Sportsgirl was for three years, with a further three-year option period.
“Council owns a number of investment properties; all income is paid into general revenue,” the report said.
“In addition to its annual income, this property has enjoyed capital growth, attributable to its prominent location within Cronulla mall and the growth in the Sydney retail property market.
“Considering this property’s rate of return, it is recommended council continue to hold this property in its investment portfolio, rather than consider its sale at this time.”
